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Rainy August Afternoon 00. (RM) enters into a service concession arrangement whereby RAA undertakes to build a public infrastructure, operate that infrastructure over a specified

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Rainy August Afternoon 00. (RM) enters into a service concession arrangement whereby RAA undertakes to build a public infrastructure, operate that infrastructure over a specified period, and thereafter transfer it to the government (the grantor). In addition, RAA is obligated to recondition the infrastructure a year before it is handed over to the government. This is regardless of the infrastructure's condition and level of usage. In return, the government promises to pay RAA a fixed amount of cash plus interest in each year during the operation period. How many performance obligations are there in the contract

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